Self managed super fund (SMSF) clients are rapidly turning to specialist admin providers, new figures reveal.
According to the OneVue/Investment Trends 2014 SMSF Accountant Report, an extra 35,000 SMSFs started using a specialist provider in the past 12 months.
“Last year it was estimated that 115,000 SMSF trustees utilised the services of SMSF administrators,” OneVue head of platform strategy, sales and service David Storm said.
“This year there’s been a 30 percent increase, with SMSFs indicating the key reasons are ease of use, low cost and admin efficiency.”
The report meanwhile, found accountants are increasingly considering changing software providers, with 13 percent of those interested in doing so, thinking of progressing to a cloud-based product.
Storm said the move to non-installed software solutions is greatly accelerating the delivery of cloud-based accountancy services, which is carrying over to the SMSF sector.
“Of the accountants who indicated a desire to transition, 61 percent stated they’re looking to move to a cloud-based solution in the next 12 months.”
“We believe the ability to allow both the trustee and the accountant to view asset details daily and online, has strong appeal and will continue to drive platform growth in the SMSF sector.”
“OneVue is committed to platform development aimed at SMSFs, and will continue to enhance our current capability.”
Although fees are universally seen as a major barrier for SMSFs using investment platforms, 57 percent of accountants surveyed said they’re appropriate to manage client portfolios.
The top three reasons are consolidated reporting, access to wholesale funds and rates and easier administration, while the common drivers towards a particular platform are good reporting, ease in managing and familiarity.
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